D-Market Elektronik Hizmetler ve Ticaret (HEPS) Stock Overview
D-Market Elektronik Hizmetler ve Ticaret A.S. More details
| Snowflake Score | |
|---|---|
| Valuation | 5/6 |
| Future Growth | 2/6 |
| Past Performance | 0/6 |
| Financial Health | 5/6 |
| Dividends | 0/6 |
HEPS Community Fair Values
Create NarrativeSee what 20 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
D-Market Elektronik Hizmetler ve Ticaret A.S. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$2.84 |
| 52 Week High | US$3.33 |
| 52 Week Low | US$2.15 |
| Beta | 2.12 |
| 1 Month Change | 1.43% |
| 3 Month Change | 8.40% |
| 1 Year Change | 6.77% |
| 3 Year Change | 160.55% |
| 5 Year Change | n/a |
| Change since IPO | -78.85% |
Recent News & Updates
Narrative Update • May 22
HEPS: Higher Margin Assumptions Will Drive Future Re Rating Potential
Analysts have nudged their price target on D-Market Elektronik Hizmetler ve Ticaret higher to $3.31 from $3.28, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E. Valuation Changes Fair Value: Target fair value has risen slightly to $3.31 from $3.28.Narrative Update • May 03
HEPS: Lower P E Assumptions Will Support Future Re Rating
Analysts have trimmed their fair value estimate for D-Market Elektronik Hizmetler ve Ticaret from about $3.45 to roughly $3.28, reflecting updated views on revenue growth, profit margins and the P/E multiple they consider appropriate for the stock. Valuation Changes Fair Value: trimmed from about $3.45 to roughly $3.28, indicating a small reduction in the estimated value per share.
Narrative Update • Apr 18
HEPS: Higher Revenue Outlook Will Support Clearer Long Term Cash Flows
Analysts have cut their price target for D-Market Elektronik Hizmetler ve Ticaret to $3.80 from $4.40, citing updated assumptions that include a higher discount rate, an adjusted profit margin outlook, and a lower future P/E multiple, even as revenue growth expectations are set at 48.81%. Valuation Changes Fair Value: Target reduced from $4.40 to $3.80, reflecting a lower assessed equity value per share.Recent updates
Narrative Update • May 22
HEPS: Higher Margin Assumptions Will Drive Future Re Rating Potential
Analysts have nudged their price target on D-Market Elektronik Hizmetler ve Ticaret higher to $3.31 from $3.28, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E. Valuation Changes Fair Value: Target fair value has risen slightly to $3.31 from $3.28.Narrative Update • May 03
HEPS: Lower P E Assumptions Will Support Future Re Rating
Analysts have trimmed their fair value estimate for D-Market Elektronik Hizmetler ve Ticaret from about $3.45 to roughly $3.28, reflecting updated views on revenue growth, profit margins and the P/E multiple they consider appropriate for the stock. Valuation Changes Fair Value: trimmed from about $3.45 to roughly $3.28, indicating a small reduction in the estimated value per share.Narrative Update • Apr 18
HEPS: Higher Revenue Outlook Will Support Clearer Long Term Cash Flows
Analysts have cut their price target for D-Market Elektronik Hizmetler ve Ticaret to $3.80 from $4.40, citing updated assumptions that include a higher discount rate, an adjusted profit margin outlook, and a lower future P/E multiple, even as revenue growth expectations are set at 48.81%. Valuation Changes Fair Value: Target reduced from $4.40 to $3.80, reflecting a lower assessed equity value per share.Narrative Update • Apr 03
HEPS: Higher Future P E And Margins Will Support Re Rating
Analysts have trimmed their price target on D-Market Elektronik Hizmetler ve Ticaret to $3.45 per share. They cited updated assumptions for the discount rate, profit margin outlook and future P/E that together point to a slightly more conservative valuation framework.Narrative Update • Mar 20
HEPS: Leadership Transition Will Support Future Earnings Multiple Re Rating
Analysts have nudged their fair value estimate for D-Market Elektronik Hizmetler ve Ticaret slightly higher to $3.45, citing updated assumptions around discount rate, revenue growth, profit margin, and a higher future P/E multiple as key drivers of the change. What's in the News D-Market Elektronik Hizmetler ve Ticaret announced a planned leadership transition for its CEO, Nilhan Göketekin, with completion expected by July 1, 2026.Narrative Update • Mar 04
HEPS: Leadership Transition Will Support Future Cash Flow Recovery
Analysts have nudged their price target on D-Market Elektronik Hizmetler ve Ticaret slightly lower to reflect updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E. This has led to a modest trim in the implied upside for the stock.Narrative Update • Feb 18
HEPS: Leadership Transition And Governance Changes Will Support Clearer Long Term Cash Flows
Analysts have increased their fair value estimate for D-Market Elektronik Hizmetler ve Ticaret from about $4.26 to $4.40, citing updated assumptions around discount rates, revenue growth, profit margins and forward P/E expectations. What's in the News The company and current CEO Nilhan Göketekin agreed to begin a planned leadership transition, with completion expected by July 1, 2026, following a gradual handover of responsibilities to a successor (company announcement).Narrative Update • Feb 04
HEPS: Customer And Merchant Expansion Will Eventually Clarify Cash Flow Trajectory
Analysts have trimmed their price expectations for D-Market Elektronik Hizmetler ve Ticaret to about $4.26 from $4.36, citing a shift toward customer and merchant acquisition that has added pressure on profitability and cash flow visibility. Analyst Commentary JPMorgan's move to cut its rating on D-Market Elektronik Hizmetler ve Ticaret and reduce its price target to $3.07 from $4.85 centers on the company leaning harder into customer and merchant acquisition, which has weighed on profitability and muddied near term cash flow visibility.Narrative Update • Jan 21
HEPS: Customer And Merchant Expansion Will Set Up Future Cash Flow Rebound
Analysts have trimmed their price expectations for D-Market Elektronik Hizmetler ve Ticaret, cutting the target from US$4.63 to US$4.36 as they factor in a shift toward customer and merchant acquisition. This shift is weighing on profitability and adding uncertainty around cash flow in the near term.Narrative Update • Jan 07
HEPS: Customer And Merchant Expansion Will Support Future Cash Flow Recovery
Analysts have reduced their price target on D-Market Elektronik Hizmetler ve Ticaret to $3.07 from $4.85, citing a shift in focus toward customer and merchant acquisition that is pressuring profitability and adding uncertainty around cash flow. Analyst Commentary Recent research from JPMorgan highlights a more cautious stance on D-Market Elektronik Hizmetler ve Ticaret, with the rating lowered to Neutral and the price target cut to $3.07 from $4.85.Seeking Alpha • Jan 02
Hepsiburada: Facing Competitors, Inflation And Currency Devaluation
Summary Hepsiburada (HEPS) contends with fierce competition and macroeconomic headwinds, including ultra-high inflation and currency depreciation in Turkey. HEPS's real revenue growth is minimal in USD terms, with active customers and average order value both declining year-over-year. Gross margin and net income have deteriorated, with operating losses widening and financial expenses rising. I view HEPS as a HOLD due to intensifying competition, deteriorating profitability, and significant macroeconomic risks. Read the full article on Seeking AlphaNarrative Update • Dec 17
HEPS: Customer And Merchant Expansion Will Drive Long Term Cash Flow Upside
The consensus analyst price target for D-Market Elektronik Hizmetler ve Ticaret has been reduced sharply from $4.85 to $3.07. Analysts cite a strategic pivot toward customer and merchant acquisition that is pressuring profitability and adding uncertainty around future cash flow.Narrative Update • Dec 03
HEPS: Customer And Merchant Expansion Will Drive Future Share Price Recovery
The analyst price target for D-Market Elektronik Hizmetler ve Ticaret has been cut to $3.07 from $4.85, as analysts cite the company’s pivot toward customer and merchant acquisition over cash flow, ongoing profitability pressures, and heightened uncertainty around future cash generation and strategic visibility. Analyst Commentary Analysts remain divided on the near term outlook for D Market Elektronik, with the recent price target cut reflecting both execution risks and the potential for longer term growth if the company can successfully scale its customer and merchant base.Narrative Update • Nov 19
HEPS: Expanded Customer Acquisition Will Drive Share Recovery Into 2026
Analysts have lowered their price target for D-Market Elektronik Hizmetler ve Ticaret from $4.07 to $3.47, citing ongoing profitability pressures and uncertainty regarding strategy as key factors in the revised outlook. Analyst Commentary Following the revised price target and outlook, analysts have provided detailed perspectives on D-Market Elektronik Hizmetler ve Ticaret's current strategic approach and market positioning.
New Narrative • Apr 30
Expanding Delivery, Checkout And Lending Will Build Future Success
HepsiJet's expanded delivery services and successful Hepsipay integration drive revenue and improve margins through higher off-platform volume and financial service transactions.Seeking Alpha • Feb 19
Hepsiburada: A Growth Stock With A Long Runway
Summary Hepsiburada's stock surged following Kaspi.kz's acquisition of a 65% stake, valuing the company at $1.7 billion. Kaspi.kz's technological expertise and fintech solutions are expected to significantly enhance Hepsiburada's market position and growth in Turkey and Kazakhstan. Hepsiburada's GMV and member growth are impressive, with a potential long runway ahead. Shares are a buy with an updated price target of $5. Read the full article on Seeking AlphaAnalysis Article • Oct 21
Is D-Market Elektronik Hizmetler ve Ticaret (NASDAQ:HEPS) Using Debt In A Risky Way?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...Analysis Article • Sep 13
Take Care Before Diving Into The Deep End On D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS)
There wouldn't be many who think D-Market Elektronik Hizmetler ve Ticaret A.S.'s ( NASDAQ:HEPS ) price-to-sales (or...Analysis Article • Jul 05
Is D-Market Elektronik Hizmetler ve Ticaret (NASDAQ:HEPS) A Risky Investment?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Seeking Alpha • Jun 21
Hepsiburada Stock: Blistering Growth And Good Value To Start Fiscal 2024
Summary HEPS reported strong Q1 results, highlighted by 45% revenue growth. The company is making progress toward sustainable profitability and positive free cash flow. We remain bullish on the stock. Read the full article on Seeking AlphaAnalysis Article • May 31
D-Market Elektronik Hizmetler ve Ticaret A.S.'s (NASDAQ:HEPS) Shares Leap 31% Yet They're Still Not Telling The Full Story
D-Market Elektronik Hizmetler ve Ticaret A.S. ( NASDAQ:HEPS ) shareholders would be excited to see that the share price...Seeking Alpha • Apr 09
Hepsiburada: Profits In Sight
Summary Hepsiburada's shares have declined significantly but show potential for recovery and profitability. Hepsiburada is Turkey's leading e-commerce platform with a wide range of products and a large customer base. I believe the company's growth prospects and competitive strengths outweigh Turkey's inflation crisis. Shares are a buy with price target of $2.50. Read the full article on Seeking AlphaAnalysis Article • Mar 13
Is D-Market Elektronik Hizmetler ve Ticaret (NASDAQ:HEPS) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...Analysis Article • Dec 22
Market Might Still Lack Some Conviction On D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS) Even After 27% Share Price Boost
D-Market Elektronik Hizmetler ve Ticaret A.S. ( NASDAQ:HEPS ) shareholders have had their patience rewarded with a 27...Analysis Article • Oct 22
Analysts Just Made An Upgrade To Their D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS) Forecasts
D-Market Elektronik Hizmetler ve Ticaret A.S. ( NASDAQ:HEPS ) shareholders will have a reason to smile today, with the...Analysis Article • Jul 21
Calculating The Fair Value Of D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS)
Key Insights D-Market Elektronik Hizmetler ve Ticaret's estimated fair value is US$1.63 based on 2 Stage Free Cash Flow...Analysis Article • Apr 17
Even With A 35% Surge, Cautious Investors Are Not Rewarding D-Market Elektronik Hizmetler ve Ticaret A.S.'s (NASDAQ:HEPS) Performance Completely
D-Market Elektronik Hizmetler ve Ticaret A.S. ( NASDAQ:HEPS ) shareholders are no doubt pleased to see that the share...Seeking Alpha • Sep 28
D-MARKET Electronic Services & Trading reports Q2 results
D-MARKET Electronic Services & Trading press release (NASDAQ:HEPS): Q2 Net loss of TRY566.3M Revenue of TRY2.98B (-6.3% Y/Y). Gross merchandise value (GMV) decreased by 9.7% to TRY 9.6 billion compared to Q2 2021. Number of orders increased 8.0% to 14.1 million compared to 13.1 million orders delivered in Q2 2021. Active Customers increased 17.5% to 11.7 million from 9.9 million in Q2 2021. Frequency increased 23.2% to 5.2 from 4.2 in Q2 2021. Active Merchant base increased 45.5% to 88.7 thousand from around 61.0 thousand in Q2 2021. Number of SKUs reached 130.3 million as of June 30, 2022 compared to 62.9 million at June 30, 2021, marking 107% year-over-year growth. Share of Marketplace GMV reduced to 64.0% compared to 68.7% in Q2 2021. EBITDA was -TRY 593.8 million in Q2 2022 compared to negative TRY 404.3 million in Q2 2021.Seeking Alpha • Aug 04
D-Market Grows GMV But Contends With Hyperinflationary Environment
D-Market went public in July 2021, raising approximately $681 million in a U.S. IPO. The company has developed a leading ecommerce shopping website for consumers in Turkey. HEPS has suffered from a hyperinflationary environment in Turkey and is using significant free cash flow. The Turkish lira has dropped sharply against the U.S. dollar in the past year, so it's no surprise the stock has been punished. I'm on Hold for HEPS until macroeconomic conditions stabilize in Turkey and the firm makes significant progress toward operating breakeven. A Quick Take On D-Market D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) went public in July 2021, raising approximately $681 million in gross proceeds from an IPO that priced at $12.00 per share. The firm operates an online shopping website and marketplace for consumers in Turkey. Management is working through a hyperinflationary period where the Turkish Lira is devaluing quickly, dropping against the U.S. dollar from $0.12 to $0.056 in the past year, so I'm on Hold with HEPS for now. D-Market Overview Istanbul, Turkey-based D-Market was founded to develop a consumer-centric online shopping portal with a merchant marketplace while providing either in-house or 3rd party delivery services for over 44 million SKUs. Management is headed by Chief Executive Officer Mehmet Murat Emirdağ, who has been with the firm since 2017 and previously held senior positions at Instacart, Zynga, Microsoft and Unilever. However, the company recently announced that CEO Emirdağ would step down at the end of 2022 and would be succeeded by Nilhan Onal, who will come from Amazon's European fashion unit. The firm promotes its service through its mobile app, online website and related social media as well as through offline means and word of mouth. D-Market's Market & Competition According to a 2021 market research report by ecommerceDB, the ecommerce market in Turkey was an estimated $11 billion in 2020 representing a 43% increase over the prior year. The Turkish ecommerce market was just behind Poland's in terms of size and just ahead of Switzerland, according to the report. The main drivers for this expected growth are an expanding middle class with greater internet connectivity and aging offline shopping infrastructure. Also, the top three ecommerce sites accounted for 20% of online revenue in Turkey, so the market remains considerably fragmented. Competitive or other industry participants include: Trendyol.com Lcwaikiki.com ciceksepeti.com D-Market's Recent Financial Performance Total revenue by quarter has grown unevenly in the past 5 quarters: 5 Quarter Total Revenue (Seeking Alpha) Gross profit by quarter has followed approximately the same trajectory as total revenue: 5 Quarter Gross Profit (Seeking Alpha) Selling, G&A expenses as a percentage of total revenue by quarter have varied significantly, as the chart shows below: 5 Quarter Selling, G&A % Of Revenue (Seeking Alpha) Operating losses by quarter have fluctuated substantially in recent quarters: 5 Quarter Operating Income (Seeking Alpha) Earnings per share (Diluted) have been negative in four of the last five quarters: 5 Quarter Earnings Per Share (Seeking Alpha) (All data in above charts is IFRS) In the past 12 months, HEPS' stock price has dropped 91.3% vs. the U.S. S&P 500 index' fall of around 5.8%, as the chart below indicates: 52 Week Stock Price (Seeking Alpha) Valuation And Other Metrics For D-Market Below is a table of relevant capitalization and valuation figures for the company: Measure Amount Enterprise Value $136,560,000 Market Capitalization $355,340,000 Enterprise Value / Sales [TTM] 0.23 Revenue Growth Rate [TTM] 35.63% Operating Cash Flow [TTM] -$70,230,000 Earnings Per Share (Fully Diluted) -$0.34 (Source - Seeking Alpha) Although the company is not an enterprise software firm, the Rule of 40 is a relevant software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory. HEPS' most recent IFRS Rule of 40 calculation was only 14% as of Q1 2022, so the firm need improvement in this regard, per the table below: Rule of 40 - IFRS Calculation Recent Rev. Growth % 36% GAAP EBITDA % -22% Total 14% (Source - Seeking Alpha) Commentary On D-Market In its last earnings call (Source - Seeking Alpha), covering Q1 2022's results, management highlighted the challenging macroeconomic environment it faces in Turkey due to rising inflation and the "continued devaluation of the Turkish Lira." Also, the company faces difficult supply chain conditions as well as knock-on effects from the war in Ukraine. The firm's gross merchandise value [GMV] grew 84% year-over-year, driven by increasing frequency of orders and the additions of new customers. Management also cited growth in the use of its Hepsipay wallet service, with 7.1 million "opened wallets," a strong increase from 5.2 million in Q1 2021.Seeking Alpha • Jul 22
Hepsiburada CEO Murat Emirdag to step down, Nilhan Onal to succeed
Turkish e-commerce platform, Hepsiburada (NASDAQ:HEPS) has appointed Nilhan Onal as CEO, effective January 1, 2023 to succeed Murat Emirdag, who has decided to step down from his CEO duties for personal reasons. Mr. Emirdag, will continue to lead the company and ensure a smooth transition to the new CEO until January 1, 2023. As of January 1, 2023, Mr. Emirdag will be a non-executive director of the company's board of directors. Nilhan Onal, most recently served for Amazon's European Fashion business.Analysis Article • Mar 27
D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (NASDAQ:HEPS) Just Released Its Full-Year Earnings: Here's What Analysts Think
D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi ( NASDAQ:HEPS ) defied analyst predictions to release its...Analysis Article • Nov 27
D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (NASDAQ:HEPS) Analysts Are Reducing Their Forecasts For Next Year
The latest analyst coverage could presage a bad day for D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi...Shareholder Returns
| HEPS | US Multiline Retail | US Market | |
|---|---|---|---|
| 7D | 4.0% | 0.5% | 1.6% |
| 1Y | 6.8% | 20.7% | 28.5% |
Return vs Industry: HEPS underperformed the US Multiline Retail industry which returned 20.8% over the past year.
Return vs Market: HEPS underperformed the US Market which returned 28.6% over the past year.
Price Volatility
| HEPS volatility | |
|---|---|
| HEPS Average Weekly Movement | 4.3% |
| Multiline Retail Industry Average Movement | 6.8% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.8% |
| 10% least volatile stocks in US Market | 3.0% |
Stable Share Price: HEPS has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: HEPS's weekly volatility (4%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2000 | 3,611 | Onal Gokcetekin | www.hepsiburada.com |
D-Market Elektronik Hizmetler ve Ticaret A.S. operates e-commerce platforms in Turkey. The company operates a retail website that provides electronics and non-electronics products, such as books, sports, toys, kids and baby products, cosmetics, furniture, etc. It also operates HepsiJet that provides last-mile delivery services; HepsiLojistik, which offers fulfillment services; HepsiMat, an offline network of pick-up and drop-off point; HepsiAd that provides advertising service; and Hepsipay and Hepsifinans, which offers e-wallet, e-money, payment facilitation services, and consumer lending. The company was incorporated in 2000 and is headquartered in Istanbul, Turkey.
D-Market Elektronik Hizmetler ve Ticaret A.S. Fundamentals Summary
| HEPS fundamental statistics | |
|---|---|
| Market cap | US$1.01b |
| Earnings (TTM) | -US$135.67m |
| Revenue (TTM) | US$1.94b |
0.5x
P/S Ratio-7.5x
P/E RatioIs HEPS overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| HEPS income statement (TTM) | |
|---|---|
| Revenue | ₺88.96b |
| Cost of Revenue | ₺66.23b |
| Gross Profit | ₺22.74b |
| Other Expenses | ₺28.96b |
| Earnings | -₺6.23b |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | -17.43 |
| Gross Margin | 25.56% |
| Net Profit Margin | -7.00% |
| Debt/Equity Ratio | 28.1% |
How did HEPS perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/31 11:52 |
| End of Day Share Price | 2026/05/29 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
D-Market Elektronik Hizmetler ve Ticaret A.S. is covered by 7 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Cesar Tiron | BofA Global Research |
| Maksim Nekrasov | Citigroup Inc |
| Maksim Nekrasov | Citigroup Inc |